Artemis Gold (ARTG) investor relations material

Expanded Phase 2 development and production outlook

• Board approved a $1.44 billion capital-efficient expansion (EP2) to increase processing capacity to 21 Mtpa, targeting over 500,000 ounces of annual gold production for the first 10 years, making the mine one of the three largest in Canada.

• EP2 is expected to be funded primarily from operating cash flow, with construction starting in Q3 2026 and full production before the end of 2028, subject to confirmation of hydroelectric supply.

• Over 1,500 direct construction jobs will be created during EP2, with long-term employment rising to approximately 1,200 direct employees and contractors.

• All-in sustaining costs (AISC) are projected at US$800–1,100/oz for the next 10 years, with margins of about 75% at current gold prices.

• Annual gold production guidance: 190–210 koz in 2025, 275–425 koz during 2026–2028, and 500–525 koz from 2029–2038.

Project execution, design, and operational enhancements

• EP2 plant will add 13 Mtpa capacity, combining with Phase 1A (8 Mtpa) for a total of 21 Mtpa; design includes advanced crushing, grinding, gravity concentration, leach/adsorption, and detoxification circuits.

• Early works for EP2 begin January 2026, with major construction in Q3 2026; first gold pour and full production expected before end of 2028.

• Operational flexibility will improve with two processing circuits and a larger mining fleet; mining rates to increase from 40 Mtpa to 90–95 Mtpa.

• Most site infrastructure for EP2 is already in place; tailings and water management will continue as planned, with annual expenditure guidance to be updated.

• Permitting for EP2 is aligned with existing environmental certificates, with final approvals and hydro supply confirmation expected in 2026.

Growth opportunities and future plans

• Phase 3 expansion to 25 Mtpa is under evaluation, with potential for further optimization and mine life extension based on higher gold prices and additional mineralization.

• Drilling to expand mineralization and a $5 million regional exploration program are planned for 2026 and beyond.

• Phase 1A, increasing capacity to 8 Mtpa, is progressing on schedule and within budget, with completion expected by end of 2026.

• Ongoing evaluation of electrification and automation for the mine fleet to reduce costs and emissions.

• Positive grade reconciliation is increasing stockpiled material for future processing.